Answer:
A standard unmodified opinion.
Explanation:
When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.
A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.
The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.
Answer:
A factory building used in the business and held more than one year.
Explanation:
<u>According to Section 1231</u>. property are assets that are used in your trade or business and are held by the Taxpayer for more than one year.
The factory building has serve the purpose of the section. It is used for a trade and has been held by the taxpayer for more than a year, hence, the property can be termed an assets by a manufacturing business
Answer:
$15
Explanation:
The computation of the average fixed cost is shown below:
As we know that
Average fixed cost is
= Total fixed cost ÷ Quantity
where,
Total fixed cost is
= Total cost - total variable cost
= $1,200 - $200 × 3
= $1,200 - $600
= $600
And the quantity is 40 products
So, the average fixed cost is
= $600 ÷ 40
= $15
Answer:
A. a monopoly faces a downward sloping demand curve.
Explanation:
In business, it is seen to occur because they have no competition, monopolists have no incentive to improve their products. A lot of their focus is instead placed on maintaining monopolistic conditions through bribing their way and other tactics that dissuade competitors from entering the market.
Demand curve slopes downward, this is said to decreases with each unit of production beyond the profit maximizing quantity and in the eyes of the monopolist, cash is lost with each additional unit been produced, causing marginal cost exceeds marginal revenue. This causes the restricted output and higher costs that characterize products produced by monopolists.
Because the demand curve slopes downward, marginal revenue decreases with each unit of production beyond the profit maximizing quantity. Thus, the monopolist loses money with each additional unit produced, as marginal cost exceeds marginal revenue.
A company with a labor agreement under which union membership cannot be required as a condition of employment is considered an open shop.
This means that the employees do not have to join a trade union in order to work there at this particular company. So regardless of the fact whether these workers are members of the union or not, they will be employed and paid equally.